The approval moves the transaction closer to its Feb. 2 closing date and ends a months-long takeover battle that began in the middle of last year.
Kindred will pay $14.50 a share in cash and offer 0.257 of its own shares for each share held by Gentiva investors under the terms of the transaction. The offer values Atlanta-based Gentiva at $19.50 a share, or about $720 million. Kindred also will assume about $1.1 billion of Gentiva debt, for a total purchase price of $1.8 billion.
Kindred already has secured financing for the takeover. The Louisville, Ky.-based company has previously said it expects to see $60 million to $80 million in synergies in the first two years after the closing.
The combined company, with its broader array of services, also will have opportunities to offer more coordinated care and explore risk-based payment models.
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